Powertel Ltd ACN 001 760 103 No 2 [2007] FCA 772

Powertel Ltd ACN 001 760 103 No 2 [2007] FCA 772

The scheme was approved because the evidence satisfied the Court that the members' meeting had been convened in accordance with the Court's order, the resolution agreeing to the scheme was passed by the requisite majority, rejected proxies were immaterial to the outcome, ASIC confirmed it was satisfied the scheme did not have the effect of avoiding Chapter 6 of the Corporations Act 2001 (Cth), the conditions to the scheme had been satisfied or waived, and the Telecom deed poll had been produced.

Jurisdiction
Australia
Judgment Date
30 April 2007
Procedural Posture
Application for Approval of a Scheme of Arrangement Under S 411 of the Corporations Act 2001 (cth) / Second Court Hearing After Court Ordered Members' Meeting
Outcome
Scheme approved and exemption granted.
Legal Topics
['scheme of Arrangement' 'approval Under S 411(4)(b) of the Corporations Act 2001 (cth)' 'exemption From Compliance With S 411(11) of the Corporations Act 2001 (cth)' 'shareholder Approval' 'asic Consideration of Chapter 6 Avoidance']
['corporations Law'] ['scheme of Arrangement' 'approval Under S 411(4)(b) of the Corporations Act 2001 (cth)' 'exemption From Compliance With S 411(11) of the Corporations Act 2001 (cth)' 'shareholder Approval' 'asic Consideration of Chapter 6 Avoidance']

Case Brief

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Procedural Posture

Application for Approval of a Scheme of Arrangement Under S 411 of the Corporations Act 2001 (cth) / Second Court Hearing After Court Ordered Members' Meeting

Legal Issues

  1. 1 ['Whether the scheme of arrangement between PowerTel Limited and its members should be approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Whether PowerTel Limited should be exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth).']

Ratio Decidendi

The scheme was approved because the evidence satisfied the Court that the members' meeting had been convened in accordance with the Court's order, the resolution agreeing to the scheme was passed by the requisite majority, rejected proxies were immaterial to the outcome, ASIC confirmed it was satisfied the scheme did not have the effect of avoiding Chapter 6 of the Corporations Act 2001 (Cth), the conditions to the scheme had been satisfied or waived, and the Telecom deed poll had been produced.

Court Disposition

Scheme approved and exemption granted.

Orders

  • ['Pursuant to section 411(4)(b) of the Corporations Act 2001 (Cth) the scheme of arrangement between PowerTel Limited and its members, in the form annexed and marked "A", be approved.' 'Pursuant to section 411(12) of the Corporations Act 2001 (Cth), PowerTel be exempted from compliance with section 411(11) of the...